JPMorgan upgraded Mersana Therapeutics to Neutral from Underweight with a $5 price target. The analyst believes XMT-1660 program updates are “partially derisked” based on competitor data sets last year. Putting safety aside, demonstrating signs of efficacy in breast and ovarian cancers should be relatively easy, the analyst tells investors in a research note. The firm believes Mersana shares at the current level are near fully valued.
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